IIP 010: How To Create a 6 Figure Business With No Risk And No Idea With Dane Maxwell

How To Create A Successful Business Out Of Thin Air With No Previous Knowledge

At the heart of The Foundation’s success is Dane Maxwell and his passionate belief in reviving the Great American Dream.

Starting out at the young age of 21 years, from his parents’ basement, Dane created a successful six figure business, followed by more success stories. While it may sound like any entrepreneurial tale, what is remarkable about Dane’s is the fact that he did not have any winning idea to base his business on. He, literally, created successful enterprises out of thin air!

In a unique exclusive interview with the podcast, Dane shares some of the Foundation’s best kept secrets to inspire a whole new generation of aspiring entrepreneurs.

How To Find Good Product Ideas For a Business

Dane Maxwell

The most basic human desire, is not to be loved; it is to be understood, says Dane. This core concept is the underlying principle of ‘idea extraction’, a multi-tiered process that Dane uses to figure out what any line of business really needs as a service.

The process is all about finding a real pain — and solving it. It’s done by interviewing target customers in a specific process, and asking them specific questions that lead them to reveal their pain, their business problems. Once you understand their problem, it’s incredibly easy to suggest a solution for them. More than that; according to Dane, they will beg you to build it for them. They will be angry if you don’t take their money and create the solution you’ve just described.

Dane Maxwell’s Idea Extraction Questions

What made Dane’s interviews on Mixergy and Smart Passive Income incredibly popular was the sharing of some of his ninja-questions that he teaches his students at The Foundation, and that have helped him create multiple successful software businesses for himself. But on today’s episode, you’re not only getting access to one ninja-question that he never revealed before in any previous interview (!!!), but also get to see Dane in action; when he flipped sides and became the interviewer, conducting a LIVE idea extraction session on the show.

After the interview, Dane asked me to send him a copy of the audio so he could share it with his paying students. That’s how valuable today’s episode is, and I hope you’ll make good use of it! 🙂

In this episode you will learn:

The 12 phases of Dane Maxwell’s Idea Extraction process.

How to tap into an endless source of product ideas for new businesses.

Dane’s parameters for picking a target market.

The 4 key elements that Dane looks for in a business.

Why should you sell tools instead of digging for gold?!

How to find ideas about business that can be done at home.

How to approach people for idea extraction & where/how to find them.

How to sell a product that doesn’t yet exist <<< — HUGE!

A LIVE Idea Extraction session that was ultimately shared with Dane’s students.

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Thank you all for checking out this episode of the Inspiring Innovation podcast!

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I would like to point out the idea of limiting beliefs . These self sabotaging thoughts that prevents us from going forward . Every entrepreneur , and human in general , should try to reverse them . But that’s the topic of a whole another podcast I guess .

Hi Ilias, I absolutely agree, that limiting beliefs hold us back and they should be identified and reversed as much as possible. For me, some of the tools for doing this are meditation, self-hypnosis, NLP, etc., but, as you say, the topic of a whole other podcast.

Great show. Always gets the gears turning on how I can implement this stuff. Actually will be mentioning and linking to this episode in an upcoming edition of The Side Hustle Show since it’s so helpful! Why reinvent the wheel, right?

Wow – I haven’t heard anyone go as deep into that love aspect with Dane yet. Not the way you did Meron. That was pretty awesome. Having worked through those aspects of limiting belief change, for all your readers, listeners, etc… – THAT really is the secret. And I so feel for Dane, the work he is dedicated to IS exhausting, and seeing it first hand was amazing. He really does have an amazing capacity for giving of himself. If you are able, and in the ‘right place’, I highly recommend embracing the opportunity to work with Dane at any opportunity!

I feel extremely privileged that Dane opened up that way in the interview.

I hear you about the internal struggle, which so often is more important (both for happiness and for success) than the external challenges. Loving yourself is where it all has to start, otherwise it’s an impossible uphill battle. That’s my two cents 😉

What kind of things did you go through in your learning to do it? Any lessons to share with us?